commentTwo of Florida’s three construction categories experienced double-digit percentage gains in the volume of new contracts in October, according to McGraw-Hill Construction, publisher of Engineering News-Record. The state generated nearly $1.8 billion in new construction contracts during the month, a 21% increase over the same period of a year ago.
The nonbuilding sector, which includes infrastructure projects, jumped 41% and recorded $551.6 million in new contracts during the month. Residential contracts tallied $733.1 million, or 24% better than last October. The volume of nonresidential contracts totaled $468.4 million, or 1% lower than a year ago.
On a year-to-date basis, through October, Florida’s overall pace of new construction contracts remains 14% lower than 2010, with roughly $19 billion in new projects so far.
The residential category is the only positive sector on a year-to-date basis, with its $8-billion total equating to a 9% improvement over the same period of a year ago. The pace of new nonbuilding contracts is 30% behind 2010, with just over $5.9 billion in new work to date. The volume of nonresidential contracts is 18% behind 2010’s pace, with nearly $5.1 billion in new projects so far this year.
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